ScamVictimsUnited.com

There is strength in numbers.

Scams in Today's News:


Bookmark and Share
It is currently Thu Apr 24, 2014 7:06 pm



All times are UTC - 6 hours [ DST ]




Post new topic Reply to topic  [ 2 posts ] 
Author Message
 Post subject: HOw check scam is possible?
PostPosted: Mon Mar 19, 2012 5:49 am 
Offline

Joined: Mon Mar 19, 2012 5:45 am
Posts: 1
Hi,
I was a victim of the check scam before and I still do not understand how it can be possible.
Every check has numbers on it. Bank put a hold to verify the check, but still it pass.
How some counterfeit check can pass the verification if the numbers are not real?
Anyone understand this?


Top
 Profile  
 
 Post subject: Re: HOw check scam is possible?
PostPosted: Sun Mar 25, 2012 8:42 am 
Offline
Site Admin/Co-Founder

Joined: Mon Mar 31, 2003 10:09 pm
Posts: 2919
superme wrote:
Hi,
I was a victim of the check scam before and I still do not understand how it can be possible.
Every check has numbers on it. Bank put a hold to verify the check, but still it pass.
How some counterfeit check can pass the verification if the numbers are not real?
Anyone understand this?


Here is a blog post that I did on this topic

http://scamvictimsunited.blogspot.com/2 ... -they.html

The reason these scams work so well is because the average American believes (as I did before I was scammed) that the bank actually CHECKS and VERIFIES that the cashier's check is legitimate BEFORE the cash it/deposit it into your account/allow you to use the money. That is NOT the case.

When you deposit a check into your bank account, your bank advances you the money for that check to keep the wheels of commerce moving. Of the millions and millions of checks processed every day, a relatively small number are returned because of a problem; because of this, banks and credit unions must automatically credit depositor accounts within a certain number of days.
A bank or credit union can make an exception to the rule and wait for a longer period of time on any given deposit before crediting the depositor account, but apart from such an exception the credit is automatic. Again, this wording gives the customer a false sense of security about the authenticity of the document in question.

This credit to your account is called a “provisional loan” and is actually a no-signature loan from your bank to you. It does not mean that your bank has been credited by the account holder bank. If your bank HAS extended you a “provisional loan” and you normally had a very low account balance, or had been the type of customer who would be denied a loan if you apply for one with your bank, you should know that their are some scam victims who have fought back against their banks using this as their case.

The only time the money in your account really belongs to you is when the check or money order has been HONORED, meaning your bank has been credited (paid) by the account holder bank.

_________________
Shawn Mosch
Co-Founder of http://ScamVictimsUnited.com
There is strength in numbers!

Share your story with the media and educate others about scams! Details here http://scamvictimsunited.com/phpBB2/viewtopic.php?f=28&t=6319
Sign our petition http://www.change.org/actions/view/crea ... s_programs
Follow our blog http://scamvictimsunited.wordpress.com/
Find us on Twitter, Facebook and more http://www.retaggr.com/page/ShawnMosch
_______________________________________________
Has this site helped you?
Buy us a coffee to say thanks ~ http://www.scamvictimsunited.com/donations.htm


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2 posts ] 



All times are UTC - 6 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 5 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Untitled document



Disclaimers, Message Board Guidelines and Privacy Policy   

Powered by phpBB® Forum Software © phpBB Group